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rising home prices. all these are more important to the united states than what's going on in europe. >> mark, how do you see it? you invested in europe these days or no? >> a little bit, maria. you know, i guess the thing i would say about europe and soon to watch on our shores is you're going to pay more and get less. i look forward to the dislocation between price and value. i think there are a few opportunities in europe selectively. a company we own called securitas, which is a man-guarded service. it trades for about 50 krona. we think it's worth 72. we get about a 6% dividend yield. there's an example where you can find opportunity. >> everybody's looking for yield in an environment where we can't find any. rick, what are you seeing there today? >> you had a great point. everybody's looking for yields, so everybody needs to take more risk. that's the plan. the problem is, when you take more risk to get more reward, you have more risk. you know, take the word austerity and throw it out. use the word reform. one guest just said central bankers are doing all the heavy lifting. be
for the united states coming on and misleading the public. basically we have sent a letter to ambassador rice to explain herself. >> you know, there's a story out today, i didn't know if you saw it, senator, but the story essentially was that the united states government within 24 hours knew it was a pre-planned terrorist attack. your thought on that. because that indicts rice and whomever else was in this cover-up even more. >> that's right. ambassador rice came on the sunday morning programs and said that, in fact, it was a spontaneous reaction of course to the video. and in no way was an expression of hostility toward america. and you have to say killing four american heroes, quite honestly, attacking our consulate, if that's not hostility toward america, i don't know what it is. so, no, i think it's pretty apparent that the administration must have known, had information, and ambassador rice was sent out on the sunday programs to mislead the american public. i find that outrageous, and i think she needs to explain herself and explain herself fast. we should also call for an investigation.
monti, and we'll look at where we stand given the issues we're talking about in the united states. >> very good, we look forward to that and over there in europe, they promised more stimwlus this bond buying program announced yesterday. and over here with disappointment, the expectation of more fed action has been heightenned. earlier on cnbc, paul ryan said central bank action made things worse, not better. >> you have a story of central banks stepping in to bail out lackluster fiscal policy. you look at the draghi press conference yesterday for one of the biggest reasons why, but there is no substitute for good fiscal policy. you can't expect central bankers to bail us out all the time. >> draghi said as much yesterday. >> our next guests think their actions stop the depression and are necessary. mark, why do you think representative ryan is right? >> let's talk about providing liquidity in 2008 and the actions sense. i think most of the problems in europe today and in america today are not problems of liquidity. there's not a lack of liquidity in our banking system or corporate
to building bridges between the united states and the arab and muslim world, particularly libya. and i think this is going to sour a lot of americans about the future trajectory of the middle east, about the direction in which the arab spring is headed. and i think particularly this is tragic for syrians. syrians who are now under siege or around 20,000 syrians have been killed by the regime of assad and i think many syrians were hoping for an outside intervention or outside aid to provide some type of save zones. and i think the reality is that after the united states and nato had gone into libya it oust gadhafi, i think there will be far less appetite to want on do anything in syria. >> probably also raises huge questions about money from america that is going to fund some of these governments particularly in egypt where it's $1.5 billion plus another billion that was being put together in a package right now. how do you think that plays out in congress at this point? >> that's absolutely right. egypt is a country which has i think the second or third largest aid package from the united st
have a fiscal and monetary problem here in the united states. what will solve the problem right now? so far the fed doesn't seem to be able to create so many jobs right now. >> what bernanke said last week and i agree with him and the evidence points in this direction is the main reason we have an 9.1% unemployment is because of weak demand. if you're thinking about monetary or fiscal policy, on the fiscal side, it comes from tax cutting, spending increases, or both, and we have to worry about that. on the monetary side, what monetary authorities can do is reduce interest rates and try to reduce rates across a broad set of assets through qe policies. the fiscal and monetary side are trying to stimulate demand, and demand is missing to great stronger momentum. >> they're pushing on a string, rant they? >> the fed has the capability to act right now, and i think always, you know, again chairman ber knack key admitted that this policy tool is not a particularly strong tool. >> ben bernanke said that he creating two million jobs. they did analysis and said if not for what we had done, there
it's a bigger story for europe than it is for the united states. >> in the united states we have a different set of worries. warnings from big american companies about their future earnings. we ended the third quarter and already heard from fedex, we heard from caterpillar, big global companies that are citing europe. caterpillar is citing china as well. what are you expecting out of the earnings period that we will begin to see in the next couple weeks? >> there is a slowdown going on in the global economy because you have this recession in europe then you have a slowdown in china, which is more significant than i think the chinese gdp numbers suggest. and that's rippling through to countries like korea and taiwan and japan. a so big global companies are being hurt by that but more domestically-focused companies in the united states ought to do better. >> want that fiscal cliff, david? it doesn't look like anything is going to happen until after the election. the tax cuts expiring, the spending programs expiring. a lot of people think this is going to lead to a recession in 20 1
of the president of the united states. he deflects it and he attacks romney admitting this is a botched statement, holding the egypt government responsible for something like this is absolutely something they need to do if they want to have continued cooperation from the united states. >> and i want to ask peter brooks, old friend, so hillary says today in her comment that we reject these acts, quote, unquote, we reject these actions, but the president says later we will bring to justice. how he's going do that, i don't know. we will bring them to justice, peter brooks. what the hell does that mean? would you please tell me because to me, he is more interested in promoting these muslim states running through the art than he is promoting american influence and leadership in that region. that's what's got me really bugged, peter. how is he going to bring them to justice? >> i certainly can't channel president obama. i'm not the right person to do that. what i hope he means here is that the government of libya does not bring these guys to justice that we're going to take action including military ac
've always expected people would get in the united states of america. that only comes from the private sector. that's where, i think, the romney approach, people will find to be the right one. >> this market has been rallying. of course, it seems to be working in obama's favor, even though it's probably has a lot more to do with the central bank and all of the easing out there than it does to the policies. is there any reason to believe that if this president is re-elected, then he moves to the center that, he does the policies that you're talking about that romney, of course, has been leading with? >> i think that's been my greatest disappointment, that we have not seen this government move more to a centerous approach to move the country forward. there were numerous opportunities to do that. i just don't think it aligns with where the president would like to take the country. there's one approach that says static pie, let's figure out how to split it up. that's the approach that's being taken. when they say we're all in this together, we're all in this together, but we're going to take from
in the united states. some indexes they watch on a weekly basis have been lower recently and that will fuel a lot of talk about a bit of a slowdown. front-running the fed, guys, did you see what happened yesterday? i pointed out some of the biggest etfs in the high yield area. i'm talking about j&k had heavy volume and hitting new highs. why is that happening? a lot of people believe at the minimum the fed is going to extend forward guidance to keep interest rates low to at least 2015. all of that would be a big beneficiary to high-yield funds who are forcing people to go out on the yield curve. this is one simple way people are already anticipating exactly what the fmoc is going to be doing. back to you. >> terrific, bob. got to ask rick. looks like people sell bond, shift bonds to the dollar. rick is at cm group in chicago. >> thank you. i guess we should welcome europe to the same club the u.s. is in. lots of liquidity. maybe more liquidity coming. and a generally weak economy. welcome to the club. if you look at our charts, they pretty much reflect a lot of what central banking is doing
in the united states, however, on the fiscal cliff, which you are very concerned about. the xpiration of the bush tax cuts and automatic spending cuts that come if there's no budget agreement. how do you view this playing out? what are the implications for the market? >> i think this is very important. last week maybe the point when investor sentence focuses on this instead of europe. first of all, the size of the fiscal cliff at about 650 billion, 4% of gdp. it would be hitting at a time when the economy is weak and particularly the consumer is weak. i do think this represents a big danger to the economy. the challenge is it's not discounted into the price. we're all talking about it, i've met very few investors who believe it will happen. if we do start to move to an environment where it becomes more likely, it will create volatility and also hit equity prices as well towards the end of the year. >> how do you invest against that kind of back drop? where would you put money to work right now? >> i think there are a couple of things investors can do. one thought is for those that hav
around van heusen in particular and arrow, the two larges brands in the united states. then our sportswear izod, a major roll-out with jc penney with the brand there. continued strong growth in our department store base, particularly macy's. that brand continues to perform and regain positioning. >> jc penney is a battleground. people worried that perhaps they are not doing well on your conference call you made it clear stores within stores are fantastic for your future. >> you know, we think it is a great way to show case our brands. we have seen early results and i'm talking about very early. ten days worth of sales so far as new shops have gone in. we have seen good sales performance in those stores. ron johnson from jc penney has talked about the transformation he's taking the company through. clearly he's been up front about the rocky issues he's had to keel wi deal with. they have a clear path. we are being as supportive as we can with them, not only with izod but with van heusen. we are a big part of the dress furnishings business to move the consumer forward. >> do they
is long. is the word of the united states respected anymore on the global basis? >>> a new survey shows u.s. global competitiveness has fallen again. what do you blame? vote on that at finance.yahoo.com and we'll talk about that coming up. at usaa, we believe honor is not exclusive to the military, and commitment is not limited to one's military oath. the same set of values that drive our nation's military are the ones we used to build usaa bank. with our award winning apps that allow you to transfer funds, pay bills or manage your finances anywhere, anytime. so that wherever your duty takes you, usaa bank goes with you. visit us online to learn what makes our bank so different. i bought the car because of its efficiency. i bought the car because i could eliminate gas from my budget. i don't spend money on gasoline. it's been 4,000 miles since my last trip to the gas station. it's pretty great. i get a bunch of kids waving at me... giving me the thumbs up. it's always a gratifying experience. it makes me feel good about my car. i absolutely love my chevy volt. ♪ >>> welcome back. we're
in the united states and around the world. there was a recent study out quickly on this by the clearing house association. the first time i have seen this people because talk about the economies that takes the top 26 banks in the united states, and basically says that after a lot of study and research they did, it benefits $50 to $100 billion a year because of these efficiencies. it was natural for it all to happen. second from a public policy perspective, we have to remember that we as a country are trying to compete in a localizing world. we have the best banks in the world. they have certainly had a impact on creating large businesses. why would you want to break all of that up, it makes no sense from a public policy perspective. >> it's important that you bring up the global story. they're obviously not going to compete with the international banks and deutsch banks who will be the large institutions. but let me get your take on what's going on in terms of the masses. time and time again we hear an argument that depositors do not want their money used to take risk. you said they're not to
, and the united states. look, we know that china used to be one of the world's great growth engines. it almost single handedly kept the global economy afloat during the global recession. but after playing the roe of the world's economic engine for so long, the chinese locomotive seems to be in danger of running off the rails. each piece of data is weaker than the last. so what's good about that? well, the slowdown in china seems somewhat self-inflicted. governments hit the brakes and in many ways still seems like it's happening. the hope is the chinese will start cutting rates, adding real octane to the down shift in their economy. how about europe? the european central bank meeting this week and we're expecting to hear some chatter in unison that's going to ereverse the declining economies over there and maybe unite to save the spanish banking system. you can monitor these efforts by watching the largest spanish bank which has been climbing ever since it bottomed at $4 and change. $7 stock finishing up 0.182%. that's positive. what changed or reversed this stock which i consider to be the mos
.s. prospers. to say manufacturing jobs in general are going to come back to the united states. most chinese products of low cost are going to go other places. they aren't coming back to the u.s. we have to recognize there's a dramatic ure ing in the world and everybody is part participating in it. >> we know the competitive situation always leans towards china because they've got much lower, you know, costs there. so companies are going to send workers to china and going to manufacture in china. what's great about china slowing down for the u.s.? >> i would agree with robert that, yes, there's a structural rebalancing going on. but this rebalancing is great because this enables for china's middle class to grow and create a service sector which can generate continued higher wages. that allows the private sectors in the developed economies to sell to china's middle class and not just depend on america's middle class. this way it gives a new engine of growth for nations around the world. and this is not priced into the markets. the markets have priced in the fact that china is slowing down but
mortgages and potentially other assets until we see unemployment improve in the united states, is that a good decision on his part? >> it's not my habit to comment on decisions of the sister institutions. i would only say that it demonstrates, also, that when you look at the advanced economy through the grade of the central banking, you see that we are all engaged in nonstandard measures. >> how worried are you about the fiscal cliff in the united states is this. >> i think it is part of course of the major issue that in the advanced world you have to cope with. >> but if it happens, does it bring on another recession in the united states? >> i'm sure that the u.s. leadership, whatever you have in the president discussion of course between the two major sensitivities, but a sense of the saw peer kror interests of the country will prevail. i'm absolutely confident in that. i don't trust that it is possible that the sense of the superior interests of the united states of america and by way of consequence of the entire of course advanced economy and by way of consequence the enti
to us by the congress of the united states which represents the american people. >> what does that mean in terms of numbers? >> 2% growth. >> are we at two? kevin was very careful, he went 1.5 to 1.75. >> that's very precise. >> i want basis points. >> decimal points is silly stuff, come on, joe. >> i know. >> there is positive growth, it's just not robust and the key point, it's not enough to create the jobs we need in this country. now, i argue and i argue forcefully, i'll give a speech on this tomorrow night here in new york, the reason we have so much uncertainty is not just uncertainty about europe and uncertainty about the slowdown in china, these are important things. the real uncertainty stems from what are my taxes going to be? what kind of spending pattern also come out of the federal government, how do i deal with this explosion of regulatory morass we have coming out of washington. how do you budget whether you are exxon or a little bitty 20-person company, how does the woman who runs that company or the man who runs that company budget when they have no idea what their cost
against the united states. that is likely to change today because we have friday prayers and there will be more widespread demonstrators today. but there are individual circumstances in each country which will play out in the future of relations. so the conditions in yemen are very different from egypt and we have the drone strikes in yemen which feed into anti-americanism there it and egypt, it's probably more to do with the closeness of the british regime. libya is more difficult. you have the risk of increased presence in the east which is kind of feeding the instability there. so a lot of different local dynamics at play. >> david, while we concentrate on this of course we're still working out what's going on with the really big story. which i don't want to downgrade it, but iraq of course. and how is that going to pap out? >> in terms of -- >> nuclear weapons. >> it remains very difficult because we're still trying to analyze what the israeli intentions are. that's the key going forward certainly before the u.s. election. there is a widespread fear that perhaps the i
's been stuck in the 9 $9 to $12 for almost a ye now. >> it's fort d in the united states, and there's the ford from overseas. europe bad, latin-american, bad. bed bath and beyond, norfolk southern, two different kind of businesses. norfolk is going off the rails, bed bad, looking good. >> coming up, bargain shopping? retailers have been on the rise, but after perusing the aisles cramer has --. >>> and later, making dough, dominos has been -- find us if it can claim the upper crust of the pizza population, when the ceo breaks some news in cramer's exclusive. just ahead. >>> plus 'tis the season? millions of people around the world will get their hands on the highly anticipated crown jewel of the apple empire. iphone 5, but don't, get ready to though everything you think you know about tech out the window. cramer's looking beyond apple and what he says may surprise you. all coming up on "mad money." >>> any moment there's stocks that might rally for a week or month or a season before they only go out of style. and then there are the long-term opportunities that we search for all the t
.2 million people infected with hiv here in the united states, jim and about 20% to 25% of those individuals are unaware that they're affected. and what's most concerning is it's those individuals who are affected but unaware. they're responsible for 50 to 70% of the forward transmission. so our objective is to put it out there to make it easier for people to know their history status. >> do you envision a world where someone has unprotected sex, they would go to the drugstore and get this within 72 hours? >> we have spent a lot of time making sure consumers can understand the appropriate use of the product. it's not designed to detect infection immediately after someone is infected. but it's the exactly the same technology that's used in doctors offices and the public health centers. this is the rapid leading history test in the united states and now we're making it available to consumers. >> our show has been focused on hepatitis c. you've got a test for it, but you just don't think -- you talk about it as a billion dollar opportunity, but it's not as big for your company as this one. >> w
this morning. they'll just try to get a share of the touch screen market in the united states. to your point about cash going out, more smart phones being sold than expected it is still a big shortage so the move today, is that indicative of -- >> they're not going out of business. >> even though the core operations remain unprofitable. their cash build was 2.3 from 2.2 on the quarter. >> they had more cash than previously. >> and their shipments continue to go down. they bleed people. >> you have the developing countries now. >> the pricing pressure is greater. >> there's always ban thought someone would buy them. but people felt why buy them because they'll run out of money and when they run out of money you can get them for nothing and you get all that intellectual property for nothing. there's a lot of companies that wish they had that keyboard patent. maybe that is worth something. i'm just saying that, look. i want the blackberry 10 to ship earlier. i thought becky's interview was terrific. it's very difficult to be as negative as you might have been before knowing that the restructuri
, in the united states, i mean, here we are with a different demographic story, we're living longer, people talking about living to 100 now. in fact, social security hasn't changed at all. so, shouldn't we be changing based on the evolution of a country, of a city? i mean, that's one of the issues. if you're going to be living longer and needing more of the benefit from the country, don't you need to change some of the promises? >> i'm all for change. change has everybody in on it. but we faced a very strong antitax, antibiotic spending, antigovernment ideology. when you're talking about a city, not the state or federal government, means the things people experience every day, cops, fire, sanitation, police, schools, that stuff turns out to be much more important to the quality of life than with e mig have thought. there's a work out here. there will be changes. changes will come. but it has to be done with decent respect for all the players. >> what do you think should be cut, then? >> what do i think should be cut? oh, i think you can find in any system -- >> where? what? give me one idea
about this today. >> the united states condemns in the strongest terms this outrageous and shocking attack. we're working with the government of libya to secure or diplomates. i've directed my administration to increase our security at diplomatic posts around the world. >> the attacks of libya and egypt underscore that the world remain aes dangerous place and that american leadership is still sorely needed. in the face of this violence, america cannot shrink from the responsibility to lead. leadership is necessary to ensure that events in the region don't spin out of control. >> all this happening as israeli prime minister benjamin netanyahu is using the strongest language to date about using force to stop iran from developing a nuclear weapon. this brings up the issue of making the u.s. less dependent on foreign oil. should we get off of middle eastern oil? chris, you first. all of this make you nervous about how much we depend on that region for our energy needs? what's the answer? >> well, you know, you look at saudi arabia providing 20% of the oil imports for this country. amer
day now. let's take the three big bad/good battlegrounds. china, europe, and the united states. look, we know that china used to be one of the world's great growth engines. it almost singlehandedly kept the global economy afloat during the global recession as the chinese communists figured out how to spur domestic spending. but after playing the role of the world's economic engine for so long, the chinese locomotive seems to be in danger of running off the rails. each piece of data is weaker than the last. so what's good about that? well, much of the slowdown in china seems somewhat self-inflicted. when the pure si realized it overstimulated the economy, governments hit the brakes and in many ways still seems like it's happening. the hope is that the chinese will stop stepping on the brake pedal but start cutting rates, adding real ago taken to the downshift in their economy. how about europe? the european central bank meeting this week and we're expecting to hear some chatter in unison that's going to reverse the declining economies over there and maybe unite to save the spanish ban
that the united states and that is enfuego. that's focus. then the ford from overseas. europe, bad. latin-america bad. guess what? two against one. can't own it. bed bath and beyond, norfolk southern. two different companies, two industries. norfolk is calling off the rails. i don't want to be no norfolk. bed bath, looking good. stay with cramer. >>> kwuming up, bargain shopping? retailers have been on the rise. but after perusing the aisles, cramer spotted bun stock that could be available in a discount. as the holiday season heats up, can this make you a cool profit in stick around it find out. >>> and later, making dough. domino says increasing its share of the pie and giving investors a healthy slice of the profit. but can this pizza party continue? find out if it can flame the upper crust of the peas why population, when the ceo breaks news in cramer's exclusive. just ahead. >>> plus, tis the season. in just hours. millions of people around the world, will get their hands on the highly anticipated crown jewel of the apple empire. iphone 5. but tonight, get ready to throw everything y
. an extraordinary releases this afternoon from the united states government. the first thing we got was this order from president barack obama ordering the company to divest from a wind project in oregon using the so-called sifieuos program. this one is the fist time in 22 years that the u.s. government has done this it or president of the united states has done this. it goes beyond what we've ever seen before, including this language ordering the facility in oregon to effectively be rai razed, saying the company must remove all structures, items, or physical object, including the concrete foundations of the property. that's the first time anyone ever affiliated with this has ever seen anything like that. the treasury department later in the day issuing a statement saying why they might be so sensitive about this facility, saying, the wind farm sites are all within the vicinity of restricted air space at naval weapons system trading facility boardman in oregon. now, this is a sensitive military facility in oregon. we looked on their website to find out exactly what they are doing out there. here's
. >>> the drenching that parts of the united states got last week, including tornadoes out in queens, not really helping parched farmland. there are no farms in queens, are there? this afternoon we're going to get exclusive details on the economic impact from our senior economics reporter steve leisman. he's here live. >> in about three minutes we're going to get an e-mail from the guy that runs the farm in queens. it is a big impact from what's a small sector of the economy and it could even have an impact on the presidential election. in a detailed study of the summer's drought which scored soybeans, corn and other crops across the nation, macro economic advisors out of st. louis estimate it could shave as much as a half point off gross domestic product this year. that's a big hit to a $13 trillion economy from a total farm sector that accounts for just -- wait for it now -- 1% of the nation's output. ben herzon is the economist who did the study. pe explai he explains the drought's outside impact. >> even though it only accounts for 1% of the economy, big changes in farm output can show up in
able to read that the united states is not as prepared as it should be for this type of cyber attack. >> we're not anywhere where we need to be in terms of a country with respect to preparedness and ultimately in response. the head of cyber command, general keith alexander, i think put it best when asked to evaluate one to ten where the u.s. capability is. he put it at a three. obviously this is not a very good position to be in, especially when you have a number of actors out there. china and russia are very active in terms of computer network exploit. that's espionage in cyberspace. they're increasingly integrating cyber warfare into their military planning and war fighting capabilities. these are all issues we need to take very seriously and we need to enhance our own defensive capabilities as well as invest on the offensive side as we will never firewall our way out of the problem. initiative resides with the attacker. >> is it a money issue? is it an investment of money issue in the infrastructure to combat this kind of crime? or is there something else that the united states sh
competitors to step up the game in order for mcdonald's to start missing here in the united states. what will mcdonald's force to be done? and will that be good from an investor standpoint? how much will they have to give up maybe in terms of margins in order to get those customers back, for instance? >> you know, i think it's a combination of being more aggressive on the dollar menu. they will give a little bit on the margin side and we have near term caution on that particular point. but i also think they have a pretty nice product pipeline shaping up for 2013, which gives us excitement, and it's one of the reasons why mcdonald's is one of our favorite medium term names in the space. we do have some caution based on more difficult comparisons that show up in the fourth quarter as well as the threat of higher food costs that are going to pay out early next year. >> we should point out that with 104th on the price target. jim, we hear again from r.j. about food costs. actually the flip side of this is that we have a very weak labor market in the united states. so for as long as we're not
who is saying there is great uncertainty about how the united states will deal with its high debt levels. that may be the case. perhaps deflecting some attention there back to the u.s. certainly it's getting its fair share of attention in the u.s. during campaign season, but nevertheless an interesting comment from the finance minister this morning. >>> let's check in on the equity markets. we've mentioned some of the big decliners in the luxury goods place after burberry came out with a statement talking about slowing growth in the most recent quarter. overall markets are down by just about half of 1%. that's the stoxx 600, so it gives you a pretty good view of the region as a whole. specifically the ftse 100 moving lower by 0.35%. the ibex is suffering to the tune of about 1.25%. in fact we put it in twice just to make sure you pay attention. in the bond markets, the ten year germany bund at 1.53%. yields in spap ain are still of course elevated, and italy 5.23%. and in the uk, the ten year lower 1.75. and on the legality of the esm, we also do have the election in the netherlan
doing well and running their plants at full capacity. obviously helped from sales in the united states and china. and then you have the latins, french and italians facing substantial issues of sales and excess capacity. fiat closed a factory in siscil, but that was done at financial costs. >> as an investor, all the political pressure to stay in italy comes potentially at what might be in the company's best interests longer term. >> i think will is really the issue. i think one of the quid pro quo for closing the plant in sicily was to actually at least bring more production back into italy from poland and this is the new one they started producing at the beginning of the year and they already announced short time working so it's still not selling. >> is that reflective of concerns in europe or does it scare with what we heard out of daimler which was talk about slowing europe and china sales trends. >> daimler and mercedes specifically highlighted problems in southern europe. that plays into fiat's main market. >> and meanwhile journalist who had the story we're talking about fiat now
the united states does not talk about trickle-up economics, take that 80%, educate them, make them pay taxes, and stop charging the top 5% more and more for what they create. why is that conversation not happening here? >> well, that's part of why inet, the institute for new economic thinking, was founded. james heckman at university of chicago and nobel prize-winning economist and i are working on a major program. we have 179 people worldwide on early-age human capital, early-age education which includes public health. >> you just have to put more resources into the education system to make it work. >> and better allocation of incentives, absolutely right. you're talking about a national tragedy. >> the word "resources" is loaded especially this week when we've got chicago teachers facing a potential injunction. >> yes. >> overturning citizens united, right, is not going to -- is not going to pacify what's happening outside. >> mm-hmm. >> neither is paying teachers more or giving them a shorter school year. right? >> i think if you paid teachers more, say relative to other professions, you
of companies being started. there actually in the united states has been a dip in new starts. usually there's an upswing in new starts in the recession. we have a very unusual recession going on here. i think it's largely driven by the origins of the recession, that it was a finance-based recession. this has rippled through in terms of credit into the economy and it's changing the nature of available capital resources for startups. although your concern is logical, i don't think it's what's happening right now. >> the number one concern people have about the u.k. is the proximity to europe. this seems to be the number one issue. you can't do anything about the back drop. the government has pinned its hopes on programs like the funding for lending scheme. do you think this does anything to encourage small businesses? >> there's a couple of points in there. i completely agree that we have a challenge that our largest trading partner is the e.u. there's little to be done about that per se. but funding -- the lending for business scheme is a challenge in the startup context in a number of level
of the greatest nation on earth. thank you. god bless you. and god bless these united states. >> the president wrapping up his acceptance speech for the nomination for president of the united states. democratic party. in charlotte, north carolina. can be described, perhaps, as a more subdued speech than the one that he gave at his initial convention four years ago. still touching on topics that are very popular. among his base. you had the tax issue, you had the issues of education. there were references to the automobile bailout. but still, john harwood who's with us, and larry kudlow still with us, and we have more guests coming in in a moment. there were parts that were surprising at times. opening up more land for natural gas drilling. we talk about tax reform. we talk about defense and strong on foreign policy. larry kudlow, did you feel this was a more centrist speech than you expected? >> no, not particularly. i mean, he said he was looking at the principles of bowles/simpson and simpson/bowles that those principles included pro growth tax reform across the board, getting rid of the ded
the world's largest economy in the united states. i would imagine if in three to ten years the financial system were to collapse because of the overprinting of money, i would imagine we would have a lot to do with that as the biggest players in all of this. does that mean that you are pessimistic about the united states' ability to come to grips with its unfunded liabilities and entitlements? is that what's going to cause this, we're not going to fix these? >> i'm very concerned that regardless of who will be in the white house next year, the republicans or the democrats, the fiscal deficit will stay above a trillion dollars as far as the eye can see. and that more money printing is on the way, qe 3, qe 4, so on. but you understand i want to clarify one point, i am bearish about the financial system and i think eventually it will collapse, but if you think it through, what is better to own in a systemic crisis, cash with the banks, treasury bills, or real estate in the u.s., or equities? i think that real estate in the u.s., i'm not talking about west 15 where sandy sold his condo for 8
leaders who are signaling they're coming to the united states to the u.n. general assembly and they express the desire through their ambassadors to the state department they want to meet with the president. and those options are then put before the national security adviser, and he decides whether or not to make any recommendation to the president on who to meet. well, it's quite clear that either he didn't make any -- either he made recommendations that there's no reason to meet with anybody, or he did make recommendations and the president said, in a, i don i d want to meet them, i'll give a speech and then get to ohio. >> just to follow up on this, i'm thinking of the netanyahu story with israel and iran. one of the key issues, we had professor from harvard law school is whether the united states will truly decisively back up netanyahu and israel militarily. now, with all respect to hillary clinton who is doing a fine job on this stuffy imagine, it's only the president who can make a statement like that.imagine, y the president who can make a statement like that. only th
30 times before it runs out of room to ignite that economy. unlike europe and the united states, the policy makers in china have plenty of room to maneuver, and that fact seems to be endlessly forgotten by the bears who point this out daily. sure, many of their banks are bankrupt. i'm not saying that i don't trust -- hey, they built a ton of bridges and tunnels to nowhere, but never underestimate the problem-solving power of cash on the balance sheet. and china's got cash up the yazoo if not the yangtze for good measure. then there is the united states. here we have the fiscal cliff. the fiscal cliff is something we have moderate control over because it's a question of political will. it can be resolved. anything that can be resolved will be dealt with in some fashion. and i think that's why the stock market has been climbing despite the obvious chasm ahead of us. sure, there are other reasons that could cause the selloff stocks. stocks have had a big run. valuations getting stretched if we have little growth ahead of us. twice in the last month federal express, man, they disapp
here in the united states? we've got similar issues, don't we? we have an e more nor we? we have an e more nomous debt l and the debate on what to cut. >> there's always a question of priorities and where you focus your attention. i think the president has made a major effort to reduce the budget deficit and also to invest in the future of the country, just like a corporation in many senses that has too much debt, that it has to put its debt in line with its ability to raise revenues. it also has to invest in its future. the president, i think, is investing in education, infrastructure, many things that will make the country stronger. that's really the goal. it's to have a sound budget policy but also invest in the country's future. i think that's what the president's trying to do. >> but bob, we haven't had a budget in three years. >> well, a lot of programs that he's proposed have not gotten through the congress. that's a big challenge. he's focused on education. he has a very significant proposal on infrastructure development. these are the kind of things that are needed to make us
moved, not by what's going on here in the united states, but what's been going on in europe, which says to me two things. one, any bad news out of europe is going to send the market down. two, eventually people are going to have to pay attention to what's going on in the united states. i'm expecting we're heading into earnings season, i'm expecting anemic growth, and eventually that's going to have to play into the situation here. i mean, i know you don't fight the fed, but eventually we have to come back to what's going on in terms of fundamentals and stop focusing on monetary policy. >> what do you think? are we going to focus on fundamentals? if you are, kurt, would you be a seller of this market? >> we are focused in on fundamentals. i think this has been a tug of war between the reflationists and some of the risk that's been perceived in the market. we're not investing in gdp. we're investing in earnings. so far, earnings has held up. so far this year the stock market has been doing well. we'll focus on earnings. in terms of am i a buyer here, i'm taking selective positions because
sales net revenue saving up to $4.5 billion in taxes on goods sold in the united states. we talked to microsoft. here's what they told us. they say, microsoft has a complex business and we must comply with the complicated tax code of the united states, resulting in an exceedingly complex tax structure. second company in the crosshairs here today is going to be hewlett-packa hewlett-packard. the senate committee saying since at least 2008, hp has used billions of dollars of intercompany offshore loans to effectively repatriate untaxed foreign profits back to the united states to run u.s. operations. that's contrary to the intent of u.s. tax policy. we talked to hewlett-packard. here's what they told us. they say, hp has complied fully with all applicable provisions of the u.s. internal revenue code and auditor ernst and young has audited. we'll learn more about what this is up committee found in about a half-hour. >>> the committee on banking, housing and urban affairs, subcommittee on securities, insurance and investment is holding a hearing on high-frequency trading and they are t
put an all-in with regard to quantitativizing in the united states. you don't fight the bang of england, the bank of japan, people's bank of china, the ecb and the fed. this ends up being good for risk assets over the next 6 to 12 months. we've added stocks to european equity, looking at emerging markets again which has lagged. ironically specifically in asia, in a follow-up to the chinese context right now. but there is a lot of opportunity right now. >> what about china? michelle set up some of the diplomatic tiffs going on between china and japan. if you look at china's economy, a lot of people have written china off in terms of its investment potential near-term. doesn't sound like you were doing that. >> i think people are overembellishing the downside. valuation show we're at significant discounts but in a very nacent domestic value. we're missing point with regard to 7% 208% growth is still very dynamic in china. they have beter response to the global markets. i think the reality to china is we don't want continued expectation of 10% growth. we want 7% growth domestic
going through a tremendous recession and just like the united states, we're investing in the toughest of times so that the customers will have the vehicles they want in value as the economy starts to come back. >> reporter: ford tries to fix sales and grow sales the big question for a lot of investors, what happens when the ten assembly plants in europe? is there a chance to curtail production further? 63% capacity in the second squaert and losses could be as high as $2 billion by an estimate on wall street. and as you look at ford stocks, off to the races today. this is the highest we have seen this stock since early july. some are wondering is it possible to get above $10? hasn't been there since springtime. >> phil, if this rally has staying power maybe it will. thank you very much. >>> tonight, president obama will officially accept the democratic nomination for the second term as president of the united states. the business is building inside the arena in charlotte and talking with the may why are of gary, indiana. miss karen freeman-wilson. madame mayor, nice to have you on "pow
these great products. now, having said that the expansion of the united states is very slow. we are down to 1 1/2 to 2% of gdp expansion. that is, like phil and i talked many time, the lowest, slowest expansion we have ever had following a deep recession. clearly, one of the worst recessions we have ever been in. we are very pleased that we are recovering in the automobile industry and in ford's care the pent-up demand is incredible. the average age, phil, is like 11 years old now. these new vehicles you can get from ford, you can economically replace your older vehicle. so we are so just gratified that we invested during the toughest time and we have the products now to help lead this economic recovery but it is a slower recovery than we have had in the past, for sure. >> so what did you say? i don't mean to beat this into the ground, yes or no? is america in better shape now than it was four years ago? >> clearly not in the deep recession that we were and we are starting to recover. so, this is a very positive thing. the thing i like about the debate is what can we do to increase the rate o
this year particularly in the united states and i think we were due for it a bit of a correction. but overall the story has been one of tail risks and tail valuations. the relative valuations of stocks and bonds are extreme around the developed world and as central banks have moved in and removed some of the tail risks, as that has happened i think markets are a subdued global economy, because more global economy. >> well, oil certainly has gotten focus in the wake of the fed's move on qe infinity. is it your view that prices have further room to run if stocks do as well? i know you're sort of a little cautious on the macro picture here. but macro might not matter if there's more support from the central bank. >> i don't think that oil prices will get pushed up by the global economy that much the question is whether there be a coordinated attack on the nuclear iranian facilities. if that happens and disrupts oil supplies, that could obviously push oil prices much higher. so i think there is a certain amount of sort of middle east tension risk built into oil prices. hard to disent
that word, the auto industry of the united states at that time? >> it sounds like rhetoric. but -- and it is rhetoric, i guess, because it's words. but i think they're actually factual words. president bush and hank paulson agree because they were the first ones to provide capital to the auto industry. if the government had not stepped in, these companies would have had to literally shut their doors, they would have run out of cash, had to lay off their workers. the suppliers would have gone down. ford would have gone down. the industry would have shut down. whether it would have ultimately liquidated would depend on what would have happened after that. >> that is not the case. and in fact we got some very strong numbers earlier this week. are you surprised at the strength of auto sales at this point? >> no, i'm not surprised because you need to sell 15 million cars a year in this country simply to keep the fleet from aging. and we have not done that now for over four years. this is unprecedented in american history. so you have a huge amount of pent-up demand for cars beca
deficits in the history of the united states. four deficits in excess of a trillion dollars each so that more than a third of all the debt ever run up in the 236-year history of the united states, more than a third of it was under barack obama's presidency in the last three and a half years. who's going to pay off the debt? our children and a grandchildren. that's who is going to pay it off. that's where romney and paul ryan are calling for a growth agenda where we can start creating jobs in this country and not have economic growth of 1.7%, under 2% and a federal reserve board that believes we'll be in this shape for two years. that's why they say they will keep interest rates for another two years. >> you heard him talk about the debt created under president obama when the country was going off a fiscal cliff and the banks were seizing up. he never referenced the 5 trillion in debt generated under george bush while he was governor. he never referenced the two wars we didn't pay for. george bush was the first president in the history of the union to go to war and give people a tax
from the united states and asia as well. the big talk is draghi today. people are happy he did come through with what he said he would. there is a debate on whether it was exactly what we expected or better for the short term, but i really think that is the key. over the short term, people have very, very happy for the ability for stimulus and solve rans and to be able to be accessing this window from the european central bang. longer term is a bigger question. at this point, the next question to ask is who will utilize this program. there is a stigma attached. for example, one leader that i was talking to tonight said to me if spain says we're going to utilize this, it's an admission. italy, again, a stigma astaffed in terms of utilizing that program. people do not expect the italian government to access this right away. they don't think italy is in the same position at spain. spain needs it more, but that stigma is holding back expectations. so the question now is which country will use it, which will use it right away, and if in fact they will, will that be a negative at some poi
percentage of its revenues come from outside the united states and this is a smaller market cap as a spinoff so it was a logical replacement. >> i will see you first, don't buy united health. there's very little money. my hands are different color from my face. what does that mean? there's makeup. >> the dow jones industrial average, the price pointed index which should have absolutely no meaning but they have to keep doing it that way because that's the way they started. everybody follows the s&p but we talk about the dow jones because that's what you hear about on the radio. >> this is the opportunity for the dow to go higher. kraft very levered to commodity costs. particularly we know that the big inflationary trend is food. okay? and they're a huge buyer of all of these commodities. united health, very little commodity costs so you get kind of an inflation break that deals with ben's pro-inflation strategy yesterday. >> this is the first change to the dow jones industrial average since 2009. just to your point that nobody follows the dow jones industrial average, how much money is actual
limited in the united states. and shares of ford and gm, one more thing to keep in mind, these stocks might be getting bounce in part because on the conference calls between ford and gm, their pickup sales were improving because of the housing market, a slight recovery there. it's a little early to say a big bounce but there is positive signs of the housing market helping pickup truck sales. >> thank you. >>> now, it is the democrats' turn. delegates are getting settled down in charlotte, north carolina and our chief washington correspondent is in nascar country live. john. >> reporter: this is the week democrats get to answer all the grief they took from republicans last week, largely about the economy. it's a complicated question. paul ryan was on the campaign trail yesterday posing the question ronald reagan posed to jimmy carter very devastatingly effective at that time. here's paul ryan. >> when you take a look at what we're going to hear in charlotte today, the president can say a lot of things, and he will, but he can't tell you that you're better off. simply put, the jimmy car
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